If gbp falls from here i think we can expect a zigzag for z or hopefully a triangle which will give the price action a curved half moon look and an easy buy set up
please see the previous wxy and curved half moon appearance of the price action
in between the 2 corrections i count 12 - extended 3 -- 4 - and truncated 5th that is the only way I can justify my wxy ...

the 4 hour divergence on euro
what to look for using elliott wave ( on 1h and 15 minutes)
ending diagonal warns of reversal ( only to that specific time frame ) if you get an ending diagonal on 1 hour and then on 15 minutes as well the fall should be compounded
if you can learn this sl can be very minimal and support and resistance levels can be an addition ...

A few option on eurnzd
others exist
Option 1
wave 4 higher degree is complete and you can see 4 hour wave count for a leading diagonal in this option it is wave 1 of wave 5 wave 2 complete and wave 3 of 5 has started.
option 2
wave 4 is not complete wave a is a leading diagonal of zigzag with wave b being complete and c is in progress with more downside to ...

I think possibly one more down on gbp to complete a zigzag if count is correct
I also do not have the rsi pattern i like to confirm a buy yet -- please see gbpcad (similar complete pattern to the upside)

A few possible elliott counts --- I favour the expanded flat for wave 4 right now and we go and break the top- but the second chart is an option that we have had wave 5 and we just had (a) down waiting for a (b) for further downside or a longer more complex wxy or triangle i suppose could happen but that would look oddly large compared to the rest of the ...

Possible triangle - like we got on audusd not long back -- just an idea not a trade set up
any correction is possible - my first thought was a flat but is looking less likely now -- lets see how it plays out